Sharing of Clean Development Mechanism (CDM) Benefits. The Power Project can be compatible to CDM claims and all such CDM claims shall be reported to APDCL periodically by the Solar Power Developer. The proceeds of carbon credit from approved CDM project shall be shared between the Parties in the following manner: a. 100% of the gross proceeds of CDM benefit accrued in the first year following the date of Commercial Operation Date shall be retained by the Solar Power Developer; b. In the second year following the Commercial Operation Date, the Solar Power Developer shall give 10% share in the gross proceeds of the CDM benefit to APDCL and the share of benefit to APDCL shall be progressively increased by 10% every year thereafter till it reaches 50%, where after the proceeds shall be shared in equal proportion between the Parties.
Appears in 10 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Sharing of Clean Development Mechanism (CDM) Benefits. The Power Project can shall be compatible to CDM claims and all such CDM claims shall be reported to APDCL periodically by the Solar Power Developer. The proceeds of carbon credit from approved CDM project shall be shared between the Parties in the following manner:
a. 100% of the gross proceeds of CDM benefit accrued in the first year following the date of Commercial Operation Date shall be retained by the Solar Power Developer;
b. In the second year following the Commercial Operation Date, the Solar Power Developer shall give 10% share in the gross proceeds of the CDM benefit to APDCL and the share of benefit to APDCL shall be progressively increased by 10% every year thereafter till it reaches 50%, where after the proceeds shall be shared in equal proportion between the Parties.
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